Bitmain, the Chinese company with some of the largest cryptocurrency mining operations in the world, appears to be having serious trouble as recent departure rumors and a drop in demand for mining rigs cast a shadow on its initial public offering (IPO). The latest blow is the departure of Yang Zuo Xing, an engineer instrumental in Bitmain’s innovations in 2015 and 2016. In what may be just the tip of the troubles iceberg, Yang has started his own ASIC manufacturing company in a move now giving his former employer a headache.
It all started with a tweet by Blockstream CSO Samson Mow, who alleged that three of Bitmain’s teams had absconded, and at least one person was trying to establish a competitor.
https://twitter.com/Excellion/status/1033741643021672451
When Cryptovest approached Mow for clarification, he said, “I can only pretty much tell you what I posted, not names.”
Bitmain responded at the time through its international marketing manager Nishant Sharma, neither confirming nor denying the allegations but advising caution where Samson’s tweets are concerned.
“I am checking internally to learn [...] whether this is even correct information considering Samson’s recent tweets that spread fake news about Bitmain ever since news of Bitmain’s IPO surfaced,” he wrote to Cryptovest.
News from China emerges
Shortly after this debacle, Chinese business and finance magazine Caijing confirm...
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